Business Irish

Friday 23 March 2018

Buyers circle landmark Dublin store as Clerys on the block for estimated €50m

Roisin Burke

Buyers are believed to be circling landmark department store Clerys, where around €30m in bank borrowing fell due on February 1.

Several British retail rescue specialists are shopping around in the Irish market and indebted Clerys may be on their list. An unconfirmed price tag of around €50m has been suggested.

Among those known to have made some sort of an approach is Hilco, the A/Wear owning distressed business restructure company. Turnaround specialist Sun Capital Partners, which recently bought Bonmarche in Britain, said it is not involved.

The possibility of the Guiney family, which controls the business, either raising capital or selling its shares has been raised.

"The Guiney family may yet come up with the money," an informed source said.

Two sources said that a mooted plan was to separate Clerys property subsidiary and the core retail activity.

British department store name John Lewis is in the frame to come in and run the retail business.

A spokesman for Clerys said that its bank facilities had been renewed and that it has got working capital in place, and that there was no question of an outside operator being imposed by the bank.

Sunday Indo Business

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